14. In which of the following situations would an auditor ordinarily choose betweenexpressing an "except for" qualified opinion or an adverse opinion?A.The auditor did not observe the entity's physical inventory and is unable to becomesatisfied as to its balance by other auditing procedures.B.The financial statements fail to disclose information that is required by generallyaccepted accounting principles.C.The auditor is asked to report only on the entity's balance sheet and not on the otherbasic financial statements.D.Events disclosed in the financial statements cause the auditor to have substantial doubtabout the entity's ability to continue as a going concern. Show
15. An auditor will issue an adverse opinion when ________. Get answer to your question and much more 16. A holding company has decided to carry its wholly owned subsidiary companies onthe balance sheet using the equity method. The type of audit report required is ________. Get answer to your question and much more 17. Upon completing the audit of ABC Company Ltd., the auditor has concluded that thefinancial statements are fairly presented and there is material uncertainty as to the abilityof the company to continue as a going concern. Consequently, what type of audit opinionshould be issued? Get answer to your question and much more 18. In which of the following circumstances is an auditor most likely to express adisclaimer of opinion?A.The chief executive officer refuses the auditor access to minutes of board of directors'meetings.B.Tests of controls show that the entity's internal control system is so poor that it cannotbe relied upon.C.The financial statements are not in accordance with theCPACanadaHandbookregarding the capitalization of leases.D.Information comes to the auditor's attention that raises substantial doubt about theentity's ability to continue as a going concern. Last Updated on February 1, 2022 by Admin 3
Explanation:
In which of the following situations would an auditor ordinarily issue an unqualified audit opinion without an explanatory paragraph? When should an auditor give an unmodified opinion?In general, there are two main types of audit opinions: Unmodified and Modified Opinions. An unmodified opinion, auditors issue this opinion to financial statements prepared in all material respect and comply with accounting standards being used and the applicable regulation.
In which of the following situations would an auditor ordinarily issue an unqualified unmodified financial statement audit opinion with no explanatory paragraph?An auditor would generally issue an unqualified audit opinion without an explanatory paragraph when the auditor decides to make reference to the report of another auditor as a basis, in part, for the auditor's opinion.
In which of the following situations would an auditor ordinarily issue an unqualified unmodified financial statement?In which of the following situations would an auditor ordinarily issue an unqualified/unmodified financial statement audit opinion with no explanatory (or emphasis-of-matter/other-matter) paragraph? The auditor decides not to refer to the report of another auditor as a basis, in part, for the auditor's opinion.
What is an unmodified audit opinion?Unmodified – the opinion that is expressed when the auditor concludes that the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework.
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In which of the following situations would an auditor ordinarily issue an unmodified audit opinion?
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